Mr. Ben Kovler reports

GREEN THUMB INDUSTRIES REPORTS THIRD QUARTER 2023 RESULTS

Green Thumb Industries Inc. has released its financial results for the third quarter ended Sept. 30, 2023. Financial results are reported in accordance with U.S. generally accepted accounting principles, and all currency is in U.S. dollars.

Highlights for the third quarter and nine months ended Sept. 30, 2023:

• Third quarter revenue of $275-million increased 9 per cent sequentially;
• GAAP net income for the third quarter of $11-million or five cents per basic and diluted share;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the third quarter was $83-million or 30 per cent of revenue;
• Third quarter cash flow from operations was $61-million, bringing the year-to-date total to $154-million;
• Cash at quarter-end totalled $137-million;
• Share repurchases of $25-million during the quarter, over 1 per cent of shares outstanding;
• Adult-use cannabis sales commenced at four Rise dispensaries in Maryland on July 1;
• Rise dispensaries opened in Las Vegas, Nev., and Fruitland Park, Fla.

Additionally, after quarter-end, the company opened Rise dispensaries in Brandon and Sun City Center, Fla., and announced the opening of a Rise dispensary in Clearwater, Fla., on Nov. 10.

Management commentary

"I'm pleased to report that our team delivered a great third quarter, including record revenue of $275-million and GAAP net income of $11-million or five cents per basic and diluted share. Adjusted EBITDA was $83-million or 30 per cent of revenue. Nine-month cash flow from operations was $154-million, and we ended the quarter with a strong balance sheet, including $137-million in cash, net of the share buyback," said Green Thumb founder, chairman and chief executive officer Ben Kovler. "Our third quarter performance was largely driven by the July 1 launch of adult-use sales in Maryland. I want to give a special thanks to all our team members, who helped make our first few months of adult-use in Maryland a success."

Green Thumb president Anthony Georgiadis added: "We are proud of the team's results in the third quarter and how we are positioned going into 2024. Our obsessive focus on operational efficiency, working capital management and cash flow generation has allowed us to continue to generate strong revenue and profitability performance despite continued macroeconomic and pricing headwinds in some of our markets."

Board of directors

In September, 2023, Green Thumb announced that Richard Reisin and Hannah (Buchan) Ross were appointed to its board of directors as independent members. Mr. Reisin formerly served as executive vice-president and director at Carylon Corp. and has joined the company's audit committee. Ms. Ross is the chief operating officer of Edie Parker, and has joined the audit and compensation committees of the board. The appointments bring the company's board to a total of nine members.

Conference call and webcast

Green Thumb will host a conference call on Wednesday, Nov. 8, 2023, at 5 p.m. ET, to discuss its third quarter 2023 financial results for the quarter ended Sept. 30, 2023. The earnings call will be available by dialling 844-883-3895 (toll-free) or 412-317-5797 (international). A live audio webcast of the call will also be available in the investor relations section of Green Thumb's website and will be archived for replay.

About Green Thumb Industries Inc.

Green Thumb, a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products, including &Shine, Beboe, Dogwalkers, Doctor Solomon's, Good Green, incredibles and Rythm. The company also owns and operates rapidly growing national retail cannabis stores called Rise. Headquartered in Chicago, Ill., Green Thumb has 18 manufacturing facilities, 87 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 4,400 people and serves millions of patients and customers each year.

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